The Bank of Maldives launched a new loan scheme today dedicated for Maldivian teachers and lecturers, offering loans up to MVR100,000 for a period of five years.
The new scheme offers teachers loans ranging from MVR 50,000 to MVR 100,000 at a 15 percent interest rate per year, the national bank said today.
“The purpose of the loan is to encourage the development of teachers, whether it is a training program or further studies or to purchase additional equipment such as laptops,” reads a statement by the bank.
Education Minister Dr Aishath Shiham praised the bank for its contribution to the development of teachers.
“Teachers play a pivotal role in our community by nurturing, moulding and shaping the future generations of the nation. As the national bank, we’re proud to launch this customised loan product for this special group of people in our society,” said the bank’s CEO and managing director, Andrew Healy.
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Wow, those interest rates are enormous!